India’s ICICI Bank Raises $2 Billion Via Institutional Placement

(Bloomberg) -- ICICI Bank Ltd. has raised 150 billion rupees ($2 billion) in capital, joining a number of Indian lenders that are creating war chests as the coronavirus pandemic threatens to push up bad loans.

The nation’s second-largest private-sector bank placed almost 419 million shares with qualified institutions at 358 rupees apiece, it said in a statement on Saturday. The issue opened on Aug. 10 and closed on Aug. 14.

The Singapore government’s sovereign wealth fund picked up 11.08% of the placement, while a Morgan Stanley investment fund bought 7.31% and a Societe Generale SA fund took 5.55%, the Indian lender said.

ICICI Bank had already raised about 31 billion rupees by paring stakes in its publicly traded units, including ICICI Prudential Life Insurance Co. and ICICI Lombard General Insurance Co., according to exchange filings.

©2020 Bloomberg L.P.